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CommBank Retail Insights Summary

Core Content

CommBank Retail Insights, Edition 5, provides a comprehensive analysis of Australian retail trends, focusing on generational shopping behaviors and the evolving retail landscape. The report highlights the differences in how various generations of consumers interact with in-store and online shopping, and outlines strategies for retailers to adapt and thrive in this changing environment.

Main Viewpoints

• Generational Shopping Behavior: There is a clear distinction between shoppers under 50 and those over 50. The younger generations (Gen Y and Z) prioritize convenience and online shopping, while older generations (Baby Boomers and Pre-Boomers) prefer in-store shopping for the ability to physically compare items and experience the overall customer service.

• Business Confidence: 73% of retailers expect revenue growth over the next 12 months, with 39% anticipating an increase of 6% or more. Multichannel retailers show higher confidence in growth compared to pure online or physical-only stores.

• Online and Mobile Sales: Online and mobile sales are expected to grow, but the rate is more modest than anticipated by retailers. Consumers expect only a 9% increase in online sales, while retailers forecast 24% growth in online sales and 38% growth in mobile sales as a proportion of online sales.

• Channel Preferences:

  • In-store: Preferred by 54% of Gen Z, 48% of Gen Y, 51% of Gen X, 71% of Baby Boomers, and 76% of Pre-Boomers.
  • Online: Preferred by 23% of Gen Z, 24% of Gen Y, 22% of Gen X, 22% of Baby Boomers, and 5% of Pre-Boomers.
  • No Preference: 23% of Gen Z, 28% of Gen Y, 27% of Gen X, 24% of Baby Boomers, and 19% of Pre-Boomers.

• Consumer Motivations:

  • Online: Convenience (78%), Price (63%), Experience (53%).
  • In-store: Experience (81%), Convenience (66%), Price (53%).

• Showrooming Behavior: 44% of shoppers sometimes research in-store before buying online, with 13% doing so while in-store. This behavior is more common among younger generations for price savings, while older generations prefer in-store research for trying before buying.

• Omnichannel Strategy: Retailers are encouraged to adopt a truly integrated omnichannel approach to capture the full potential of multi-channel shoppers and reduce the impact of showrooming.

Key Information

• Top In-Store Investment Areas:

  • Enhanced in-store layout (84%)
  • Staff recruitment and training (71%)
  • Mobile payment options (61%)
  • Back-office technology (61%)
  • In-store technology for shop assistants (59%)

• Top In-Store Priorities for Customers:

  • Better trained, more helpful assistants (91%)
  • Better in-store layout (89%)
  • Information kiosks/devices for customers (73%)
  • In-store technology for shop assistants (70%)
  • Store-within-a-store (70%)

• Case Study: Anton:

  • A luxury jewellery and watch retailer that has grown significantly by enhancing the in-store experience and using digital marketing to target high-value customers.
  • Focuses on creating a welcoming and luxurious atmosphere, hosting events, and investing in staff training to improve customer engagement.
  • Uses social media and in-store events to drive traffic and sales, emphasizing a seamless integration of online and in-store experiences.

Generational Insights

• Generation Z:

  • Tech-savvy and digital natives.
  • Prefer in-store shopping (54%) for real-world experiences.
  • More likely to be influenced by price (67%) and to be Bargain Hunters (37%) and Researchers (24%).

• Generation Y:

  • Embrace technology, with 34% of purchases made via electronic devices.
  • Less influenced by price, more by quality (55%).
  • Prefer online for routine purchases like groceries and beauty products.

• Generation X:

  • Show a balanced preference between in-store and online shopping.
  • More likely to be influenced by price and experience.

• Baby Boomers:

  • Prefer in-store shopping for the ability to physically compare items.
  • More affluent and likely to increase online purchases.

• Pre-Boomers:

  • Strongly prefer in-store shopping (76%).
  • Less likely to engage with online shopping.

Behavioral Segments

Conclusion

The report underscores the importance of understanding generational shopping preferences and the need for retailers to adapt their strategies to meet these diverse needs. With the rise of multi-channel shoppers and the increasing integration of online and in-store experiences, a well-thought-out omnichannel approach is essential for capturing the full potential of the market and driving sales across all generations.